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Positive Momentum Maintained Into Year End

GOLD

Gold has remained on a positive footing for the final trading session of the year. We last close to $1816.50, slightly down from session highs just above $1819. Gold is slightly outperforming a resilient USD backdrop this afternoon. For the week gold is up 1% at this stage.

  • The precious metal continues to benefit from a softer USD backdrop, although major USD indices are yet to break down through recent support levels.
  • The technical picture still appears encouraging for gold, with key MAs mostly trending higher. Through much of December we have found support ahead of the 20-day EMA (currently at $1794.26). Bulls will target a break of recent highs above $1833.

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